The Verge - US government seizes $56 million in crypto from BitConnect’s ‘number one promoter’
The U.S. government has confiscated $56 million worth of cryptocurrency from participants in the BitConnect scam and will sell it to compensate victims.
BitConnect convinced people to invest a total of $2 billion under the pretext of having a bot for crypto trading.
In fact, it's all a scam - BitConnect used new investors' money to pay old investors and its supporters built a Ponzi scheme.
Bitconnect was the first but not the only last example of the greed of people creating a dark reputation for cryptocurrencies.